NY Banks Sets Valuable Precedent in Firming up Security

A recent article published by Independent put the issue of cybercrime in about as clear perspective as possible: “You can’t overstate the threat malware poses to businesses.”

That sentiment resounds louder than ever before in the present virtual landscape, which is crawling with malicious risks at every turn. As the Independent article pointed out, malicious strains like CryptoLocker are busy making the rounds as efforts to suppress them roundly fail.

For businesses, the best solution to navigating the treacherous waters of malware is to strengthen enterprise security. After all, when it comes to cybercrime, it is not possible to play on the offensive. CryptoLocker, for instance — which is a harmful strain of ransomware — has been around for months and has only just spawned new iterations, despite efforts by the FBI to call attention to it.

Virtual threats are too varied and numerous for businesses to attempt to attack. They must only be defended against.

 

Banks in New York are Taking Proactive Measures to Step Up Cybersecurity Walls
States around the country should look to New York as a shining example of the kind of efforts that must be taken in an age of rampant security threats.

According to Finextra, New York Governor Anthony Cuomo has instituted a plan wherein banks in the state will be held to new and more frequent assessments of cybersecurity. The plan arose from the threat Cuomo perceived to his taxpayers and their personal finances.

“With today’s growing cyber threats we need to make sure New Yorkers’ finances are protected from online predators. Targeted cyber security assessments for banks will better safeguard financial institutions from attacks and secure personal bank records from being breached,” he said.

The report even states that many large banks trust public key infrastructure (PKI) as the foundation for their security framework, though not as many smaller institutions have invested in that type of plan.

Cuomo’s new initiative also stems from a report carried out by the state’s Department of Financial Services, which revealed that of the 154 depository institution surveyed, one third of larger institutions reported a phishing attack within the past three years. Additionally, 22 percent of the total institutions surveyed reported that they’d experienced a malicious attack in that same period of time.

What the report’s findings point to is an unfortunate but noteworthy truth: Attackers intrude on businesses of all sizes. Small or large, the threat of attack is very real.

As the DFS report stated, enterprise security is not all about buying the most expensive software. “Much more relevant is an institution’s ability to identify its top cyber risks and design a program around those risks,” it stated.

Entrust
Entrust

Entrust provides identity-based security solutions that empower enterprises, consumers, citizens and websites in more than 5,000 organizations spanning 85 countries. Entrust's identity-based approach offers the right balance between affordability, expertise and service. With more than 125 patents granted and pending, these world-class solutions include strong authentication, physical and logical access, credentialing, mobile security, fraud detection, digital certificates, SSL and PKI.

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